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Features

Five Deadly Sins: Lease Clauses a Landlord Should Refuse to Negotiate Under Any Circumstances

Ira Fierstein & J. Kelly Bufton

When a landlord or its attorney prepares an initial draft of a lease on the landlord's form, it is expected that the tenant will simply sign the lease (but only if the tenant believes it has no leverage whatsoever), return the lease with handwritten comments, or, if the tenant's comments are extensive and it has taken control of the drafting process, return a black-lined copy of the lease that it has revised.

A Primer on Anti-Terrorism Requirements in Leasing Transactions: Complying with Executive Order 13224

David A. Grossberg, Melissa J. Krasnow & Randolph M. Perkins

Shortly after September 11, 2001, President Bush issued Executive Order 13224 (the "Order") to combat terrorism. The title of the Order, "Blocking Property and Prohibiting Transactions with Persons who Commit, Threaten to Commit, or Support Terrorism" aptly describes the protective measures contemplated by the Order. Among other things, the Order applies to all real estate transactions, including commercial leases. All owners, tenants, guarantors and other parties to lease transactions, as well as their respective agents and affiliates, are obliged to comply with this Order. Given the critically important national interest at stake, as well as the stern penalties that can be encountered for noncompliance, it is essential for all parties involved in real estate transactions to be aware of the Order's requirements and to include compliance measures in all dealings.

The Leasing Hotline

ALM Staff & Law Journal Newsletters

Highlights of the latest commercial leasing cases from around the country.

Business Crimes Hotline

ALM Staff & Law Journal Newsletters

Recent cases of importance to your practice.

In The Courts

ALM Staff & Law Journal Newsletters

Analysis of recent cases that affect your practice.

Features

Avoiding Criminal Tax Prosecution of the Client with Foreign Accounts

Justin A. Thornton

Your client Jane Doe, the distraught business executive who hopes you can assist her in avoiding a criminal tax prosecution arising from her offshore bank accounts, calls you to inquire about the status of her case.

Features

When Image Is Everything: PR Firms in White Collar Cases

Steven F. Reich

You are a public figure whose ability to earn a living depends upon your reputation for integrity and talent. Almost without warning, you become caught up in a highly publicized business scandal that threatens your livelihood and public image. The media's fascination with the details of the scandal has caused a public furor and led federal officials to open parallel criminal and civil investigations. You hear rumors that a Congressional committee is about to hold public hearings. You need help - and fast.

Creating Ethics and Compliance Programs That Work with Sarbanes-Oxley

Bert F. Lacativo

Last month, we discussed how brightly the spotlight is shining on ethics and compliance programs. We explained that Sarbanes-Oxley has a provision that provides Federal protection for employees of SEC registrants who report wrongdoing to the government and/or law enforcement. The Act has created a situation in which anyone who reports wrongdoing to the government and/or law enforcement is protected from employer retaliation under Federal Statute. And we urged that companies assess the effectiveness of their ethics and compliance efforts.

Features

Bankruptcy: What Happens to the Royalty Payments?

Judith L. Grubner

In a decision interpreting for the first time certain provisions in the Bankruptcy Code, the Third Circuit Court of Appeals concluded that royalty payments belonged to the estate of the bankrupt debtor/licensor rather than to the new owner by assignment of the underlying intellectual property covered by the licenses. <i>In re CellNet Data Systems, Inc.,</i> 327 F.3d 242 (3d Cir. 2003). The Third Circuit held that the debtor/licensor was permitted to sever the right to receive the remaining royalty payments due on the license from the transfer of the underlying intellectual property rights.

Features

Look, But Don't Touch: The Consequences of Removing, Modifying or Destructing Visual Art in Buildings

Joseph M. Beck & Pamela C. Mallari

Unknowing building owners can incur substantial liability when incorporating certain artistic works within their buildings. The Visual Artists Rights Act of 1990 (VARA), 17 U.S.C. 106A, limits the ability of a building owner to alter, move, or remove a "work of visual art." This article will provide an overview of this statute and its interpretation and application by various courts.

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MOST POPULAR STORIES

  • Revised Proposal: Understanding the Interagency Statement on Complex Structured Finance Activities
    Many U.S. financial institutions that have participated in equipment leasing transactions (particularly in the large-ticket and municipal markets) in the last 20 years will be keenly aware that as the structures grew ever more complicated, Congress and the federal regulatory agencies grew intensely interested. Whether the institution had a major role in the transaction or simply provided a service, some degree of scrutiny could be expected, often in conjunction with a tax audit of its client. The risks to financial institutions from participating in complex structured finance transactions of all types became a source for concern for banking and securities regulators. The principal federal regulators responded in 2004 with a proposal that financial institutions investigate, and bear responsibility for evaluating, the legal, tax, and accounting basis of their clients' complex structured finance transactions. The goal: to limit the institutions' own credit, legal, and reputational risk from such participation.
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